Welcome to our dedicated page for SolarEdge Technologies news (Ticker: SEDG), a resource for investors and traders seeking the latest updates and insights on SolarEdge Technologies stock.
SolarEdge Technologies, Inc. (symbol: SEDG) is a leading global provider of distributed power harvesting and monitoring systems designed to optimize the energy output of solar photovoltaic (PV) installations. The company's innovative solutions include power optimizers, inverters, and a cloud-based monitoring platform that serves a wide array of market segments, including residential, commercial, and small utility-scale solar installations.
Established to address the need for more efficient and cost-effective solar energy systems, SolarEdge's technologies enable module-level monitoring, enhanced maintenance, and flexible design options. These benefits translate into faster installations, improved safety, theft prevention, and ultimately, lower costs for PV energy production. The company sells its products through multiple channels, including direct sales to solar installers and engineering, procurement, and construction firms, as well as indirect sales via distributors and electrical equipment wholesalers.
In recent years, SolarEdge has achieved significant milestones and formed numerous partnerships that have bolstered its market position. The company's robust financial condition, underscored by consistent revenue growth and a strong balance sheet, reflects its operational excellence and strategic vision. SolarEdge continues to innovate and expand its product offerings, ensuring it remains at the forefront of the solar energy industry.
Whether you are a residential homeowner, a commercial entity, or involved in small utility-scale installations, SolarEdge provides a comprehensive solution to maximize the value and efficiency of your solar PV system. The company's commitment to developing cutting-edge technology and maintaining high standards of customer service makes it a preferred choice for solar energy solutions worldwide.
SolarEdge Technologies announced its Q3 2024 financial results, reporting revenues of $260.9 million, a 2% decrease from the prior quarter and a 64% drop from the same quarter last year. Revenues from the solar segment were $247.5 million, up 3% from the previous quarter. The company reported a GAAP gross margin of negative 269.2% and a non-GAAP gross margin of negative 265.4%. GAAP operating loss was $1.09 billion, and non-GAAP operating loss was $808.1 million. GAAP net loss stood at $1.21 billion, with a net loss per share of $21.11. Non-GAAP net loss was $874.3 million, with a net loss per share of $15.31. The company undertook an asset valuation analysis, resulting in a write down and impairment of $1.03 billion. For Q4 2024, SolarEdge expects revenues between $180 million and $200 million, with non-GAAP gross margins ranging from negative 4% to 0%.
SolarEdge Technologies announced significant changes to its Board of Directors. Avery More has been elected as Chairman of the Board, replacing Nadav Zafrir, who will remain as a board member. Additionally, Guy Gecht has been appointed as a new board member, replacing Tal Payne who stepped down after serving since the company's IPO in March 2015. Gecht, who will serve on both the Audit and Technology committees, brings extensive experience from his roles as former CEO of Electronics for Imaging and board positions at Logitech and Check Point Software Technologies.
SolarEdge Technologies (Nasdaq: SEDG) has completed its first sale of §45X Advanced Manufacturing Production Tax Credits for approximately $40 million, net of discounts and fees. The credits were generated from U.S.-made inverter sales in H1 2024. The company's Austin facility achieved a 500 MW quarterly inverter production run rate in Q2 2024 and exceeded this in Q3. Their Tampa facility began shipping Power Optimizers in Q2 2024, targeting two million units per quarter, with plans to add commercial inverter production in Q1 2025. This transaction strengthens SolarEdge's cash position and supports expansion of U.S. manufacturing operations.
SolarEdge Technologies welcomes the U.S. Treasury's final rule on Advanced Manufacturing Production Tax Credit, confirming that their DC-Optimized inverter systems qualify for 11c/w credit. The company operates two U.S. manufacturing facilities: Austin, Texas facility reached 50,000 residential Home Hub Inverters quarterly production in Q2 2024, while Tampa, Florida facility began shipping Domestic Content Power Optimizers in Q2 2024, targeting 2 million units quarterly by Q1 2025. The Tampa facility will also start commercial inverter and Power Optimizer production in Q1 2025. These initiatives support domestic manufacturing expansion and enhance American energy independence.
SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy technology, has announced early certification and compliance with the European Commission's New Radio Equipment Directive (RED) Article 3.3 requirements for cyber security. This directive, set to take effect in August 2025, establishes a new regulatory framework for radio equipment and imposes cybersecurity requirements for IoT products sold in Europe.
The Article 3.3 requirements focus on improving network protection features, personal data protection, and reducing fraud risks. This regulation is particularly significant for the solar industry due to its growing contribution to global energy generation and its increasing importance as critical energy infrastructure.
Ronen Faier, Interim CEO of SolarEdge, emphasized the company's commitment to safety and security in product design and their role in setting benchmarks for cybersecurity in PV technology. This announcement follows SolarEdge's recent compliance with the UK's Product Security and Telecommunications Infrastructure (PSTI) regulation, effective April 2024.
SolarEdge Technologies, Inc. (NASDAQ: SEDG), a global leader in smart energy technology, has announced it will report financial results for the third quarter ended September 30, 2024 after market close on Wednesday, November 6, 2024. The company will host a conference call at 4:30 P.M. ET on the same day to discuss these results.
Interested parties can join the call by dialing:
- United States/Canada Toll Free: +1 800-343-4136
- International Toll: +1 203-518-9843
- Conference ID: SEDG
SolarEdge Technologies Inc. (NASDAQ: SEDG) unveils new capabilities of SolarEdge ONE for C&I, a cloud-based energy optimization platform for commercial and industrial solar applications, at RE+ North America 2024. The platform aims to maximize energy savings and meet environmental goals through real-time data analytics and intelligent decision-making. Key features include:
1. Automatic and continuous management of site energy production and consumption
2. Integration of energy meters and weather sensors via the new SolarEdge ONE Controller
3. Efficient monitoring and control from module level to utility interconnection
4. Digital twin feature for remote troubleshooting and advanced analysis
5. Unified ecosystem for managing PV systems, EV chargers, storage solutions, and building assets
SolarEdge ONE for C&I is expected to launch in North America in 2025, promising to optimize project costs and asset management for EPCs, O&M providers, developers, and enterprises.
SolarEdge Technologies, Inc. (NASDAQ: SEDG) has unveiled its next-generation single-phase solar + storage solution at RE+ 2024. The new residential offering integrates a scalable battery and a new solar inverter up to 11.5kW, providing flexible whole home backup. Key features include:
- Modular design allowing homeowners to start with PV-only or a smaller 4.4kWh LFP battery
- Scalable up to 211.2kWh per site
- DC-coupled architecture for higher energy yield
- SolarEdge ONE advanced energy management software
- Up to 50% reduction in installation and commissioning time
- Meter Collar for faster whole home backup installations
- Expected U.S. manufacturing to qualify for maximum domestic content incentives
The solution is designed to address varying home needs across the U.S. and is expected to roll out in late 2025.
SolarEdge Technologies, Inc. (NASDAQ: SEDG) announced a significant leadership transition. Zvi Lando has stepped down as CEO but will remain on the Board of Directors and serve as an advisor to the management team. The company has initiated a search for a new CEO with the support of a global executive search firm.
In the interim, Ronen Faier, previously Chief Financial Officer, has been appointed as Interim CEO. As part of the company's previously announced CFO succession plan, Ariel Porat, formerly Senior VP of Finance, has been appointed as the new Chief Financial Officer.
The changes are effective immediately. The company's Board of Directors expressed gratitude for Lando's contributions over his 15-year tenure, including 5 years as CEO. Faier acknowledged the challenges ahead, stating that 'The road to a full recovery of SolarEdge is still ahead of us.'
SolarEdge Technologies (SEDG) reported Q2 2024 financial results, showing revenues of $265.4 million, up 30% from Q1 but down 73% year-over-year. The solar segment contributed $241.2 million. GAAP gross margin was negative 4.1%, while non-GAAP gross margin was 0.2%, including 330 basis points of net IRA benefit. The company reported a GAAP net loss of $130.8 million or $2.31 per share. SolarEdge shipped 873 Megawatts (AC) of inverters and 128 MWh of batteries for PV applications. Despite challenges, CEO Zvi Lando expressed optimism about the 18% growth in sell-through of solar products by distributors. The company expects undershipping to continue in Q3 but anticipates a return to higher revenue levels in H1 2025.
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